NORTH CANTON, Ohio (AP) — NORTH CANTON, Ohio (AP) — Timken Co. (TKR) on Wednesday reported fourth-quarter profit of $62.3 million.
On a per-share basis, the North Canton, Ohio-based company said it had profit of 89 cents. Earnings, adjusted for one-time gains and costs, came to $1.14 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.09 per share.
The maker of bearings and power transmissions posted revenue of $1.11 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.08 billion.
For the year, the company reported profit of $288.4 million, or $4.11 per share. Revenue was reported as $4.58 billion.
Timken expects full-year earnings in the range of $5.50 to $6 per share.
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